Neco Model Questions Vol1 2019 Financial Accounting Question 25

The trial balance of a service company before adjustments (in Naira) is shown below: \begin{tabular}{lrr} Account & Dr & Cr\\ Sales Revenue & & 250,000\\ Service Revenue & & 80,000\\ Rent Expense & 30,000 & \\ Salaries Expense & 45,000 & \\ Utilities Expense & 12,000 & \\ Supplies & 8,000 & \\ Accounts Receivable & 20,000 & \\ Accounts Payable & & 15,000\\ Capital & & 150,000\\ Drawings & 10,000 & \\ \end{tabular} Adjusting entries are required at year‑end: 1. Supplies on hand are counted and valued at ₦3,000. 2. Utilities expense accrued but not yet paid amounts to ₦2,000. 3. Service revenue earned but not yet billed amounts to ₦5,000. After posting these adjustments, calculate the net profit for the year. (Profit = Total Revenues - Total Expenses).